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Key Support Zone Identified

EURUSD TECHS
  • RES 4: 1.2419 2.0% 10-dma envelope
  • RES 3: 1.2314 2.0% Upper Bollinger Band
  • RES 2: 1.2293/05 High Apr 23, 2018 / 1.764 of Nov 4 - 9 - 11 swing
  • RES 1: 1.2273 High Dec 17 and the bull trigger
  • PRICE: 1.2204 @ 05:49 GMT Dec 24
  • SUP 1: 1.2149/30 Trendline drawn off the Nov 4 low / Low Dec 21
  • SUP 2: 1.2116 20-day EMA
  • SUP 3: 1.2059 Low Dec 10 and key support
  • SUP 4: 1.2040 Low Dec 2

EURUSD underlying bullish conditions remain intact. However, the daily trend condition is overbought and this does suggest the pair is due a correction. Key near-term support lies at 1.2130, Dec 21 low. Note, the 20-day EMA intersects at 1.2116 and trendline support drawn off the Nov 4 low is at 1.2149. A break of the 1.2149/16 support zone would signal scope for a deeper sell-off. On the upside, 1.2273 is the bull trigger.

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